Zurich Financial Services Group: Unification of the holding structure - Tender offer for Allied Zurich shares and expected closing timetable
Zurich, September 13, 2000. - Allied Zurich p.l.c., the U.K. holding company for 43% of the Zurich Financial Services Group, has today launched a Tender Offer to repurchase its shares with an aggregate value of up to USD 650 million. The Independent Directors of Allied Zurich currently intend to consider tenders in the range of 700p to 780p per Allied Zurich share. The special cash dividend of 40p per share will be paid on all Allied Zurich shares, including those successfully tendered. The tender offer circular is being posted to Allied Zurich shareholders today.
The unification will result in shareholders owning shares in a single Swiss holding company, new Zurich Financial Services, which will have a primary listing in Switzerland and a secondary listing in the UK. Since the unification of the holding structure of the Zurich Financial Services Group is progressing according to plans and in the absence of unforeseen developments, trading in shares of the unified new Zurich Financial Services is expected to begin on October 17, 2000.
Appendix: Tender Offer
